RBI cancels registration of four non-banking financial companies
These companies include Uttar Pradesh-based Kundles Motor Finance Private Limited, Tamil Nadu-based Nithya Finance Limited, Punjab-based Bhatia Hire Purchase Pvt Ltd, and Himachal Pradeesh-based Jiwanjyoti Deposits and Advances Limited.
According to an RBI release, this penalty has been imposed in the exercise of powers vested in RBI under the Banking Regulation Act, of 1949. Image: Reuters